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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments not carried at fair value are as follows (in thousands):

						September 30, 2025
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	39,823					$	39,823					$	—					$	—					$	39,823
Interest-earning deposits in other banks						81,735						81,735						—						—						81,735
Held-to-maturity investment securities						287,082						—						266,706						—						266,706
Loans, net						2,421,552						—						—						2,399,601						2,399,601
Financial liabilities:
Time deposits						489,487						—						487,913						—						487,913
Borrowings						20,000						—						20,000						—						20,000
Senior debt and subordinated debentures						69,998						—						—						70,312						70,312

						December 31, 2024
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	28,029					$	28,029					$	—					$	—					$	28,029
Interest-earning deposits in other banks						92,369						92,369						—						—						92,369
Held-to-maturity investment securities						301,359						—						274,568						—						274,568
Loans, net						2,308,418						—						—						2,252,462						2,252,462
Financial liabilities:
Time deposits						443,284						—						440,046						—						440,046
Borrowings						133,442						—						133,743						—						133,743
Senior debt and subordinated debentures						69,889						—						—						62,535						62,535

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis. The following tables present information about the Company’s assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

						Fair Value Measurements Using
September 30, 2025						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	9,439					$	9,439					$	—					$	—
U.S. Government agencies						65						—						65						—
Obligations of states and political subdivisions						164,403						—						164,403						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						66,662						—						66,662						—
Private label mortgage and asset backed securities						232,012						—						232,012						—
Corporate debt securities						494						—						494						—
Equity securities						6,769						6,769						—						—
Total assets measured at fair value on a recurring basis						$	479,844					$	16,208					$	463,636					$	—

 

						Fair Value Measurements Using
December 31, 2024						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	9,058					$	9,058					$	—					$	—
U.S. Government agencies						65						—						65						—
Obligations of states and political subdivisions						164,640						—						164,640						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						72,302						—						72,302						—
Private label mortgage and asset backed securities						230,555						—						230,555						—
Equity securities						6,586						6,586						—						—
Total assets measured at fair value on a recurring basis						$	483,206					$	15,644					$	467,562					$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The table below presents the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the date indicated (in thousands):

						Fair Value Measurements Using
September 30, 2025						Fair Value						Level 1						Level 2						Level 3
Collateral dependent loans
Commercial and industrial						$	1,000					—						—						$	1,000
Total collateral dependent loans						$	1,000					—						—						$	1,000

Quantitative Information About Level 3 Measurements

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2025 (in thousands):

Fair Value Measurements Using

September 30, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range, Weighted Average

Collateral dependent loans

$1,000

Fair value of property

Cost to sell

Not meaningful N/A

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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